BitSpace is proud to announce that we are now working with international bank DNB in Norway. DNB is Norway’s largest financial services group with total combined assets of more than NOK 1.9 trillion.
A challenge for DNB and most large companies is cooperation platforms with other companies. In this case, routine descriptions are shared between many companies and each company can make changes to the description. Today, this is largely done with word documents and email, and then the question is “are we sure that the right person has the right routine description at the right time?” Blockchain technology enables access to the latest updated information at all times (distributed databases) by all interested parties. In addition, Blockchain technology is built to timestamp all changes, and you can get an overview of who has changed what and when. That way, we can be sure that the right person has the right information on time.
The purpose of the pilot project is to determine if this is soluble using Blockchain technology and how much work it will be to build a solution that can be put into production after the pilot project is completed.
“DNB has several Blockchain-based projects in the pilot phase using several different Blockchain technologies. This is the first project we are doing with a Norwegian start-up company and are pleased to help Norwegian start-up companies as well as the opportunity to test completely new technology, for the benefit of our customers,” says Lasse Meholm, Head of Blockchain Strategy in DNB. Section Manager Gro Røthe adds “sharing important information with our collaborators in an efficient and safe way, has long been a labor-intensive task, we are excited about the result of this pilot.”
Working with the financial sector on blockchain allows BitSpace to share our knowledge and learn to collaborate with digital and traditional financial systems. This is crucial for long-term solutions within the blockchain industry and a step towards helping companies understand the benefits of decentralized technology.